Question

explain how economic goods are classified​

Answer 1

Explanation:

In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods which are transferable, and services, which are not transferable.

Answer 2

Answer:

they can be classified into two categories:

consumption goods

capital goods

Explanation:

consumption goods: goods that are meant for direct consumption of an individual and not for resale.

eg: any commodity like soaps, shampoo, refrigerators at home

capital goods: goods that can be used to produce further goods by their usage.

eg: machines in factory, even refrigerators in an ice cream parlour